Federal Reserve Bank of San Francisco

Economic Research

Finance and Macroeconomics

February 28 - March 1, 2003

The Federal Reserve Bank of San Francisco
and Stanford Institute for Economic Policy Research

Conference Summary

Agenda Download (PDF – 10KB)

Agenda

Friday, February 28
Morning Session Chair: GLENN RUDEBUSCH, Federal Reserve Bank of San Francisco
8:15 A.M. Continental breakfast
8:55 A.M. Welcoming Remarks:
ROBERT PARRY
, Federal Reserve Bank of San Francisco
9:00 A.M. ROBERT E. HALL, Stanford University
Dynamics of Corporate Earnings (PDF – 245 KB)
Discussant: ANDREW ABEL, University of Pennsylvania
10:15 A.M. Break
10:45 A.M. BEN BERNANKE, Federal Reserve Board
KENNETH N. KUTTNER, Federal Reserve Bank of New York
What Explains the Stock Market’s Reaction to Federal Reserve Policy? (PDF – 135 KB)
Discussant: CHRISTOPHER SIMS, Princeton University
12:00 P.M. Lunch – Market Street Dining Room, Fourth Floor
 
Afternoon Session Chair: John C. Williams, Federal Reserve Bank of San Francisco
1:15 P.M. ALAN AUERBACH, University of California, Berkeley
MAURICE OBSTFELD, University of California, Berkeley
The Case for Open-Market Purchases in a Liquidity Trap (PDF – 107 KB)
Discussant: LARS SVENSSON, Princeton University
2:30 P.M. Break
2:45 P.M. ANDREW ANG, Columbia University
MONIKA PIAZZESI, University of California, Los Angeles
MIN WEI, Columbia University
What Does the Yield Curve Tell us about GDP Growth? (PDF – 392 KB)
Discussant: MARK WATSON, Princeton University
4:00 P.M. Break
4:15 P.M. PETER HÖRDAHL, European Central Bank
ORESTE TRISTANI, European Central Bank
DAVID VESTIN, European Central Bank
A Joint Econometric Model of Macroeconomic and Term Structure Dynamics (PDF – 546 KB)
Discussant: KEN SINGLETON, Stanford University
5:30 P.M. Reception – West Market Street Lounge, Fourth Floor
6:30 P.M. Dinner – Market Street Dining Room, Fourth Floor
Introduction: ROBERT PARRY, Federal Reserve Bank of San Francisco
Speaker: DON KOHN, Federal Reserve Board
The Strength in Consumer Durables and Housing
   
Saturday, March 1
Morning Session Chair: RICHARD DENNIS, Federal Reserve Bank of San Francisco
8:15 A.M. Continental Breakfast
9:00 A.M. CHARLES ENGEL, University of Wisconsin
KENNETH D. WEST, University of Wisconsin
Exchange Rates and Fundamentals (PDF – 420 KB)
Discussant: CLIVE GRANGER, University of California, San Diego
Comments
10:15 A.M. Break
10:45 A.M. REFET GÜRKAYNAK, Federal Reserve Board
BRIAN SACK, Federal Reserve Board
ERIC SWANSON, Federal Reserve Board
The Excess Sensitivity of Long-Term Interest Rates: Evidence and Implications for Macroeconomic Models (PDF – 382 KB)
Discussant: QIANG DAI, New York University
12:00 P.M. Buffet Lunch